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tv   World Business Today  CNN  May 3, 2011 4:00am-5:00am EDT

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here are the headlines. a senior u.s. official says the military operation was code name geronimo. it refers back to a well-known native leader of the apaches. they say pakistan was not involved or given advanced notice of the raid. they have released pictures. but washington has yet to decide whether to release pictures of
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bin laden's body. pakistan's government insists it had no knowledge of bin laden's whereabouts. the obama administration is praising the pakistani government saying without islamabad's cooperation with washington it in recent year, bin laden never would have been found. those are the headlines.s, bin laden never would have been found. those are the headlines. world business today starts right now. welcome to world business today. i'm andrew stevens in hong kong. >> and in london, our top stories on tuesday, may the 3rd, following the terror money trail. but bin had's death was a symbolic strike. we'll explain why it's unlikely to affect al qaeda's operations. >> storm clouds gather over sony after a second data breach affecting another 24 million
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customers. >> i'm angry in the sense that anything take that stains berkshire, but i think in the end we'll get off the reservation. >> we'll hear from warren buffett about his wayward deal maker david sokol. a volatile day of trading saw oil futures fall back from 2 1/2 year highs, but investors were caught in a dilemma unsure whether the killing of america's most wanted would usher in new stability or herald a fresh wave of turbulence. mixed picture here in europe. first day back in business after the honk weekend as far as the footsie is concerned. that is up by a quarter of a percent tracking gains perhaps we saw on the dax and other indices over friday and monday
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when london was shut, but a little bit of selling on the paris cac, perhaps on the back of the swiss strength we're seeing. one theme is that we are seeing hoss for carmakers with vol being wagon and daimler among the losers. we're seeing a little bit of a recovery in asian currency trading for the dollar, but not very much. certainly we don't have the full numbers there, but 1.66, 1.48, so continuing strength this for the euro against the dollar. but currency traders are really saying that actually the theme of the moment is dollar weakness and we'll get back to that later on. so 81.03 meanwhile at the yen. >> yeah, that strength of the
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dollar didn't last very long. here in az qua, min asia, marke closed today. in australia, bonds getting a boost. central bank maintained 4.75%. most of today's market action centered on independent qua where interest rates have been raised by half a one percentage point in a bid to curve escalating inflation. there's a pretty big selloff, down 1.7%. there had been expectations it there would be a rate rise, but came in half at one percent which is bigger than expected and that prompted the selloff. india remaining one of the worst performing of all emerging markets. shanghai getting a bit of a lift today, up by nearly three-quarters of 1%. australia down despite central bank holding steady on interest
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rates. >> let's get back to to wall street. as i mentioned, the news of ocean bowes bi osama bin laden's demise didn't affect the market. we saw investors turning back to the state of the economy and the earnings new. the close the nasdaq led the losses off by about a third of a percent. s&p 500 off by nearly a fifth of a percent. and the dow really not very much change this this. in it terms of it tuesday's session, it looks like a lower open again. here's where the u.s. futures stand in the pre-market action. really very little. so i think we're just waiting
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for a bit more information and more momentum perhaps. >> also the jobs number out a little later this week. well, osama bin laden may be gone, but al qaeda is unlikely to fade away. that's because the bin laden of 2011 was a very different person both financially and millie from the bin laden of september 11, 2001. for a close look now at how al qaeda keeps funding its operations, to trace where its money comes from and how much of it is. >> diversification is the key to al qaeda's financial health. earlier, i spoke with an expert on al qaeda and he told me the terror group learns to rely on four main sources of funding, but then it had to adapt after
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minl. first it taps individual donors. these are often the richest of all al qaeda funding source, it's also people who believe if they fund jihad with someone else doing the killing on their behalf, that they themselves will get to go to heaven. charities infiltrated by terror groups are another revenue stream. they used to account for 60% of all al qaeda funds. one relief organization was actually headed up by bin had's brother-in-law. krim activities are a third source, they which you credit and tax fraud. a cell was busted in 2003 that was making fake credit cards and pulling in 16,000 each week. and there are also legitimate businesses that round out that, one was a yemen based exporter that sent fruit to europe. the money made from that was sent back to fund al qaeda operations. after 9/11, these flows were
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disrupted as they went after that network and the group's funding sources went from being organized to opportunistic. >> al qaeda was bringing used makers and selling those makers in pakistan working the taliban. al qaeda and taliban would tax those who would transport drugs, narcotics. al qaeda and taliban will tax people who are transporting goods in their vehicles, in trucks. so they expanded the different businesses will it order to sustain the organization. >> but one thing to note, just because al qaeda's traditional funding sources were squeezed after 9/11, it doesn't mean the
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group has less money. to be totally honest, no one knows exactly how much money they have, but it's clear al qaeda and a alive and well and is making money or at least trying. and that is without osama bin laden. >> very interesting. trying to make sense of the money trail. >> the human cost of the september 11 attacks is of course in-calculable, but it has been possible to put a price on the physical destruction. new york comptroller's say the city's economy lost as much as $95 billion. that includes the loss of more than 146,000 jobs. that is 83,000 redundancies and 63 positions that might have been created and never were. cleaning up ground zero on it own cost more than $650 million and the operation took more than eight months to complete. >> of course americans welcomed
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the news of bin laden's death, but they're issuing travel alerts to their citizens. the potential for anti-american silence has now increased. jennifer has more on that from the international "weather center." what's the latest? >> you're right. and coming out of europe, as well, travel alerts for citizens. and we have a graphic for you. we have travel warnings for spain, a level 2 alert all due to the death of osama bin laden and now residents are being warned to be careful if they're traveling abroad and that includes spain as well as germany and the u.s. they've issued a worldwide alert of caution for citizens because of the increased threats. now, again, of course we'll be watching this this and let you know if any of these levels actually will be changed. and speaking of travel, want to point out across the u.s. we don't have any travel delays out there, but if you're going to be traveling through parts of europe as well as the u.s., expect some delays as we go
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through the afternoon hours. and that includes airports including chicago and areas including new york, but also in europe, we're talking about strong winds and at bet of scattered shower through istanbul, but overall weather conditions are cooperating. we just have to be on alert for possible terror problems in some locations. back over to you, charles. >> thank you very much. charles, let's turn to a story that's been bubbling away here in asia but with ramifications right around the world over the past few days. and it's showing no signses of abating. the trouble just keeps on piling up at sony. 12 days after a security breach forced the company to take it playstation network off line, a new hacking crisis has forced another outage. the operations of sony online entertainment which produces role playing games was suspended
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on sunday night after details of the latest attack emerged. the personal information of more than 24 million users may have been compromised. this was the scene in tokyo on sunday as sony executives bowed in apology for the original breach and offered a time table for the network's reinstatement. services should return over the next couple of weeks. but with the news of the latest suspension, customers may find sony's apology a little hard to accept. pot surprisingly investors haven't been sympathetic towards sony's problems. the stock price has plunged particularly in the wake of the first hacking revelation. the stock fell about 15% in april alone with a small bounce back on monday.
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but the latest developments certainly won't help. japan's earthquake and tsunami already fueling fearses in the markets, sony finds itself back at level one in the reputation stakes with a lot of work to do. warren buffett is often what you think when you america's future and it own companies. buffett speaks out straight ahead. doug: oh...hey thereey...! gecko: you sound like a happy n. i wrote a song about it. gecko: alright, let's hear it! curtis: yeah jam session! doug: one, two... ♪ (singing) i got my motorcycle ♪ ♪ and my rv now i gotmore money. ♪ vo: geico. 15 minutes could save you 15% or more on car insurance.
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silver continued their downward spiral announcing higher margin requirements. right now a little over $44.60. down from more than $48 last week. welcome back to world business today. >> warren buffett has admitted to personal error in his handling of his company's insider trading controversy. he says he was wrong when he pailed to press top executive
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david sokol about a questionable investment he had made in lubrizol so lubrizol. sokol quit as questions emerged. >> as you can see once again this year tens of thousands of berkshire hathaway shareholders descending for warren buffett's annual meeting, but this year there is a cloud over this meeting amid controversy over a man that many viewed as the heir apparent to warren buffett, david sokol, who resigned earlier this year whose actions buffett called both in-exapplicationle and inexcusable. >> i certainly feel disappointed, very disappointed, but it happened and i don't understand why, but it did. >> you used the word puzzled, also that it puzzles you. and i wonder what you think that
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it means for berkshire and for you long term, the long term impact here. a lot of people say that david was the heir apparent to take over for you. whether or not that's the case, we'll never know. but long term, what do you think this means? >> i think it's terribly sad for dave, but in terms for berkshire, earning power is still earning power. our marketable securities are still what they are before. managers are what they are before. people have come to us about deals even since will was announced. so it really doesn't change the prospects of berkshire. >> you've always said reputation is everything. >> absolutely. p. >> are you angry? >> well, i'm angry in the sense that anything take stains berkshire, but i think in the end one about fellow fell off the reservation. and we have other code violations. i mean, we had one spell low he said up in jail some years ago
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that was a vice president of one of our subsidiaries based on pore we gave to the authorities. so if you have 260,000 people working for you, some people will where he the rubreak the r. you try to do something about it when it happens. we went straight to the enforcement of the sec and gave them all the pacts. >> one of the things that stood out to me is you said berkshire has turned over damning evidence to the public regarding the information. i'm wondering if the public knows the damning pore. >> i think the damning information was withholding from me entirely the pact that he had any connection with citigroup and that he'd learned this information in connection with representing berkshire in terms of possible acquisitions and then buying the stock immediately before recommending it. now, certainly most things don't happen. it was a low probability that we would buy it. but at the worst, once he saw
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it, he should have sold the stock. he shouldn't have bought it in the first place obviously. >> in terms of berkshire's performance, there are shareholders here who say they think berkshire hathaway has gotten too big and warren buffett himself has been saying for years that the company won't see the returns like it used to largely because of its size. but the big question on people's minds here is who will succeed warren buffett. no name was given, but what warren did say is whoever succeeds him will be, quote, straight as an arrow. >> he also says he has complete confidence in america's ability to crawl out of it deficit hole. he says even though the united states is on a negative credit watch, he is confident the country's economy will continue to grow. buffett's company quartered first quarter income of $1.5
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billion. the natural disasters in japan, new zealand and australia took a toll on the company's insurance unit. osama bin laden brought terror to the united states and uncertainty to wall street. just ahead, we'll look it at the days immediately following 9/11 and how the markets eventually bounced back. and a power play could provide the energy needed for central africa's economic growth. we'll be look at the hopes it's fuelling in rwanda and congo.
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the dollar continuing to lose ground in asia trade. welcome back. you're watching world business today.
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>> as fuel prices rise around the world, developing countries are struggling to afford the energy they need to power hair growth. but in the heart of africa, one country is finding energy in an unusual place. >> reporter: beautiful, even breath taking. but on the political fault line, democratic republic tourism barely exists and fishermen complain that their fish are small. their catch modest. but under its serene surface, it's known as the exploding lake. because its greatest resource lies in its abundant gas. we're heading out to the barge platform where they extract the gas. this was the first site in rwanda that will they've used the modern technique and it's a
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pilot project to try to bring in investors. one draw is its simplicity. they lower a pipe several hundred meters to just above the layer of dissolved gas. the gas bubbles out. it's captured cleaned and dried. and isn't to shore. it's a cheap and effective way of creating electricity itity. >> this lake is our lake. it's free. why not explore it. it comes cheaper than using hydraulic plants where we'd have to buy the source of energy. >> reporter: this plant could power an average size town. the lake itself, several runs. thanks to the area's volcanos and an aerobic bacteria, there's an estimated 60 billion cubic
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meters of gas and vast quantities of carbon dioxide, providing massive potential for energy, but also catastrophe. what that means is that the deep water gas, if it gets to a certain saturation point, could well up to the surface and go into the atmosphere. it last happened in 1986. it blanketed the region with carbon dioxide with devastating effect. scientists believe that by extracting methane, the risk of a similar disaster here is far less likely. but lenders have been slow to finance methane gas projects. >> it is quite frustrating because the time line that we have is not necessarily the same for lemdlenders, for developers. sometimes there is that friction, but this all negotiations, we try to fast track as much as we can.
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>> reporter: potential investors wanted an upgrade of the grid to handle the wind fall. >> we had to go through the existing which was already at low capacity. >> reporter: they've turned to extensive and polluting fuels to meet demand. and with less than a quarter of the population accessing electricity, there's a long way to go. the first major plant could come online in 2012, then it won't only be known for its disappointing fish but for energy that could secure the future of an entire region. and still ahead on world business today, the 9/11 attacks on ground zero hit just blocks from wall street. coming up, we'll look at the toll of terror on the dow. and then we'll go to
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mongolia where one mineral rich town is bracing for mining mania. but will the coming boom help the people of the step or just big business? about your health care coverage, you've probably discovered options at every turn. who can you trust for the right information... the right kind of help? well, the answer is out there. you just have to know where to look. introducing a new website with the tools and resources to help you make the right decisions about your health care coverage. created with your needs in mind, thousands of people 50 and over explore this site every day. it's easy to navigate and simple to use. not sure what you need? answer a few questions to find plans that may work best for you. or say your life has changed paths, or you're thinking about retirement. this website can help you find your way with step-by-step action plans.
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welcome back to world business today. our quick look at the markets in europe 90 minutes into tuesday trading. and those scant gains that we saw in london following the long weekend, those are run in to the
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sand. only up by about seventh of a percent. paris cac off by about an eighth of a percent. but both the zurich sm ichli an ex-take dam off. >> markets companied for the golden week holiday and the attention as you see there on the very last index, mumbai stocks, down 1.5%. of course it is still trading in india. this is after interest rates were given a rise which was a big surprise to the markets as they try to tackle inflation. markets had been expecting a rise of about a quarter of a percentage point and they got a full half, which spooked the markets. it does say according to comment it taker that the indian
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authorities are now getting serious about tackling inflation. the last big number out of india showed wholesale price inflation at 9%. so more rate rises are on the way. so could you s you could see india continue to underperform for some time to come. australian central bank kept rates on hold. >> on wall street, we're waiting to see how the death of osama bin laden would affect investors and the level of stock, but the short answer was not really a lot in the end before divided opinion among traders as to whether his killing will fend off terror ond just pul it. of course the big nonfarm payroll numbers which tells you more about the u.s. labor market than anything else. that is on friday.
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the figure there for april. so always watched very carefully. at the close, nasdaq saw the greatest losses. s&p 500 off by a fifth of a percent. and just very scant losses there for the dow. >> you won't find anyone on wall street shedding any tears over osama bin laden. maggie lake takes a look at what the street went through during those horrible days of september 2001, how it survived and eventually recovered. >> reporter: wall street is less than ten blocks from where the world trade center stood and in the days after the 9/11 attacks, it felt like a war zone. tensions were raw and peer was in in the air. >> for the safety issue of everybody involved including yourselves. >> reporter: after the disaster, the national guard stood watch at wall street check points. police officers patrolled the streets with gas masks. and the new york stock exchange
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worked around the clock to get back to business. the new york stock exchange never opened for trading on tuesday, september 11th and did not reopen until the following monday, september 17th. the longest time trading has been suspended since world war i. >> good morning and welcome back to the greatest market on the face of the earth. >> reporter: that monday marked one of the most emotional dares for the stock exchange in history. >> today america goes back to business and we do it as a signal to those criminals who inflicted it this heinous crime on america and all americans. >> reporter: at the closing bell september 17th, the dow fell 684 points. more than 7%. it was the worst point drop in the dow's history up until that time. but far from the worst percentage drop in history.
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and in the days after, stocks continued to fall with total losses for that week exceeding 14%. but stocks did bounce back in the weeks that followed and by mid november, socks had regained all they had lost that week. since the terror attacks, u.s. stocks had been tested time and again by war, economic crisis and last year's flash crash. but since that selloff on september 17th, 2001, the dow has risen 43% snd is now less than 10% away from its all-time high. maggie lake, cnn, new york. >> certainly plenty of resilience in the dow. that was maggie in new york reporting for cnn when the markets did reopen. it's been a full decade since those difficult days, but the memories are always there. monday's news about osama bin laden's demise brought it all back again. >> i walked to the exchange and
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there was as piece of fuselage on the statue of george washington and burning paper flying down. we came back a week later and we worked through over a year of the smell of sulfur and it changed our lives, no question about it. so definitely i thought about it. and i thought about the people who we lost. >> for the most part it's a sense of closure and euphoria. i actually think it's kind of excite taking we succeeded. >> i think for everybody, but particularly of course for those of us that work in the wall street area and lost friends in the world rate center and all the death and destruction that was caused by it this spell low clearly makes it a very xwleegs al issue.
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ground zero is now recovering from those days of terror. redevelopment planning was approved in december of 2001, just three months after the terror attacks on new york and washington. the site is being remade as both a business center and a memorial. by february 2003, the concept was chosen to replace the office buildings that were destroyed. in january of 2004, the winning design for the 9/11 memorial. ground breaking for one world trade center originally called freedom tower took place in july of 2004. primary construction work for the memorial did not begin until march 2006. a month later a financing deal was reached. the man tasked to build a new center is larry silver stein. it's become a frustrating maybe
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of love. richard quest spoke with him back in 2009 when he talked about his hopes for a project with major symbolic value. >> six weeks before 9/11, we acquired the world trade center and of course disaster followed there after, but nevertheless, we faced the reality and the reality was we had an obligation under the development, we had signed to rebuild if anything would happen. >> is this the most important project that you've been involved with? >> clearly. there is nothing that has captured the public's imagination and attention to the extent that rebuilding the trade center has. and to have this responsibility is enormous. that's why i'm pressing this to move this arbitration process forward so that decisions can be made as to who is right, who is wrong. ultimately my hope and my prayer is that in a time frame that
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gets there 2014, 2015, 2016, so that in six, seven years from today, at that point i'll be 85, 86, whatever, hopefully i'll be here and be able to enjoy the results of our efforts. >> if it you ever had any doubt as to why they're doing what they're doing in there, that is what it's all about. >> it's not a case of making money. money has no relevancy. it's the recognition of the reimportance of building this thing. and getting on with it. money is really not an issue. >> those frustrating delays in rebuilding ground zero have been overcome. a memorial is due to open in september of this year on the 10th anniversary of the attacks. and one world trade center is on track to open its doors in 2013.
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keeping terror at bay certainly isn't easy and it's not cheap. the atrocities masterminded by 9/11 propelled the price a great deal higher. in the last decade, the u.s. government has spent hundreds of billions of dollars on security measures. the department of homeland security was beefed up and better equipped to fight terrorism and the annual bill almost doubled. let's take a look now at the figures we'll start in 2001. $19.5 billion. but in george w. bush's first full budget after 9/11, that nearly doubled to $37.7 billion. by 2008, that had left more than a third to $50.6 billion. and in 2012 which is a projected
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figure, the total is expected to reach $71.5 billion. these are indeed huge numbers. according to the latest world bank figure america's domestic security spend exceeds the entire annual gdp of many countries where the u.s. still has military involvement. among them, iraq and libya on a dollar figure and qua men and afghanistan significantly less. of course all these numbers found in comparison to america's $14 trillion debt which rises every day. up next, mongolia prepares to mine its potential. we explore the country's economic future.
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a hot and sticky day here in
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hong kong. welcome back. you're watching world business today. >> when you think of resource commodities, perhaps places like australia or africa. probably not mongolia. but it does have vast resources. and a rapidly developing economy. this week stan grant will it takes inside the country for a bit of a look, but first some background. their gkp grew more than 6% in 2010 and that was largely due to strong exports. more than lee-quartthree-quarte china. its unpliemployment rate soared almost 12% in 2009. but its economy is starting to
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take off. savings rates are among the highest in the world. mongolia plans to tap its abundant natural resources and those include gold, copper and coal and rare earth metals. >> sounds like pretty spectacular potential opportunity this in monday goal yarks but always a question that goes to this sort of development. do the ordinary citizens benefit from the mining, as well? citizens get to share in the wealth. in the first of his three part series, stan takes us inside one town that is bracing for a boom. >> reporter: the great emperor still dominates nearly 800 years after his death. the first rays of dawn strike his giant statue. but he wouldn't recognize his country now far from the mighty empire he forged.
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this woman is typical. animal herders mostly. a third of the population lives in poverty. in this tent, they've raised three children. what you see here is all they have to hold out the harsh mongolia winter. the temperature outside, a freezing minus 40. it's a harsh life. they struggle to get by on a government handout of his than $20 a month. >> our life is very difficult. we can't do anything. if we go to the city, we can't afford to buy anything. we just hope that hinge thises get better. >> reporter: she braves the cold to scatter goat's milk to the four winds, a ritual she hopes will bring good luck. and her luck may indeed be about to change. mining mania is sweeping the
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country. >> up here this are no jobs. people don't know what is going happen. the government tells us about the money we will get from mining and this money can change our lives. >> reporter: and is a potentially a lot of money. the race is on for mongolia's copper, gold, copper and iron ore. the government hopes to raise $25 billion in investment over the next five years. gdp last year at over 7% is forecast by some to triple over the next five years. incomes would soar. but economists also warn of a resource curse. a young democracy overwhelmed feeding corruption. the government is working on laws to root out explore operation to tighten mining regulatio regulations. the country's leaders know the stakes are high. >> we're learning or lessons because we will never hide in our shadows.
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mongolia is one country in it this region you can see our dark side, also we can see our side which that high school a light. . >> reporter: a people largely poor, unemployment is massive here, but this are also massive natural resources. when they enrich the people is going to be challenge of this government. right now they trust more in the spiritual than the political. this buddhist monk is telling her the future, the future of all these people, for the first time the mongolian wolf may be stirring again. stan grant, cnn. coming up next on world business today, tornadoes
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tearing through alabama hit the agricultural sector. more details after the break. ta. should i bundle all my policies with nationwide insurance ? watch this. on one hand, you have your home insurance with one company. and on another hand, you have your auto with another. and on another hand, you have your life with another. huh... but when you bundle them all together with nationwide insurance... ... they all work together perfectly-- and you could save 25%. wow... it's all in the wrists. ♪ nationwide is on your side
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welcome back. you're watching world business today. >> let's focus now on those devastating storms in alabama and the serious blow they've dealt to the agricultural sector. tornadoes have done lasting damage to alabama's multibillion-dollar poultry business. jennifer has been assessing the impact and says more of the agriculture industry could be in jeopardy. >> you're absolutely right. the same tornados that caused the damage down through parts of alabama, that same storm system has been producing some flooding problems across parts of the midwest. we're talking right along the lower mississippi as well as the ohio river valley. now, anywhere you're seeing in green, we're dealing with major flooding this this. anywhere in green. these are problem spots from
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missouri, illinois, indiana as well as arkansas, tennessee. and we're talking specifically about illinois right now. let's go to some video. the flooding so bad there, the army corps of engineers actually out there blowing up parts of the levee to alleviate some of the flooding that's happening actually in cairo, illinois. the problem is that is going to send a surge of water in to nearby missouri and potentially devastate more than 100,000 acres of parm land afarm land. want to show you again widespread flooding happening across this region. we'll it contincontinue to see like this and we've been talking about problems with the wheat industry across parts of the texas due to the drought. anywhere you're seeing in the red and pink shading, we're talking about 200 millimeters of
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rainfall since saturday alone and we're still dealing with rain across this region. that means the flooding is still going to be a problem and the rain coming down right now fairly light, but that is not going to move over towards the east until wednesday, so still many these areas will continue to see the flooding getting worse and it will have a ripple effect on the economy as well as so many residents. >> indeed jennifer, afraid you're right. thanks for that. so a quick look at the stock markets here in europe. we saw gains for the london footsie foo ftse. playing catch upof a after holiday. >> charles, here's something to get your motor revving. the italian steiner is selling one of its most famous one of a kind cars.
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and this is one of the six crown jewels up for auction this month. it was first unveiled at the motor show in italy back in 1970. to get into the driver's seat, you have to get over the windshield and lift it up -- over the hood, of course, and then try to work yourself in there somehow. its expected to value $2.7 million expected to go for. i must admit, that was the 1970s. these were known as the disco cars. you can see why. if you want to check out the vintage models to spare, go there are some classic cars this. . anyway that's it for this edition of world business today. thanks for joining us. stay tuned for worldwide.
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